Why did you select accounting as your profession? Well, I was quite good in accounting throughout but in my masters, when I got distinction I decided to adopt this field as a profession.
Can you name any other accounting application? Yes, I am familiar with CGram Software, Financialforce, Microsoft Accounting Professional, Microsoft Dynamics AX and Microsoft Small Business Financials.
Which accounting application you prefer most and why? I think all are good though but Microsoft Accounting Professional is best because it offers reliable and fast processing of accounting transactions that saves time and increases proficiency.
Do you think there is any difference between inactive and dormant accounts? Yes, both are different terms in accounting. Inactive accounts means that accounts have been closed and will not be used in future as well. While, dormant accounts are those that are not functional today but may be used in future.
What is project implementation? Project implementation involves six steps in total such as: ● Identify Need ● Generate and Screen Ideas ● Conduct Feasible Study ● Develop the Project ● Implement the Project ● Control the Project
Differentiate between provision and reserve? Provisions are the liabilities or the anticipated items such as depreciation. You can say provisions are expenses. Reserves are the profits of any company and a part of that profit is placed back to the business to keep it sustainable in tough times of a company.
What are the accounting events that are frequently involved in compound entries? The accounting events that are frequently involved in compound entries are; ● Record multiple line items in a supplier invoice that address to different expenses ● Record all bank deductions associated to a bank reconciliation ● Record all deduction and payments related to a payroll ● Record the account receivable and sales taxes related to a customer invoice
Define dual aspect term in accounting? As the name implies, the dual aspect concept states that every transaction has two sides. For example, when you buy something, you give the cash and get the thing. Similarly, when you sale something, you lose the thing and gets the money. So this getting and losing is basically two aspects of every transaction.
Accounting is the method of record keeping and also an estimate about companies profit or loss. Accounting deals with analyzing and summarizing financial records. Accounting is the universal language of Business Development. Accounting courses in Chandigarh is beneficial for college graduate students who make their career in the field of Accounts and Finance.
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